Statoil announces 2013 third quarter results

"Statoil delivered strong strategic progress in the third quarter. We added high-value barrels through the Bay du Nord discovery offshore Canada, the world's largest oil discovery this year. We also announced a major divestment to capture value created through asset development and unlock capital for investment in high return projects. Our operational performance is good and we delivered solid earnings in the period," says Helge Lund, Statoil's president and CEO.

Statoil's net operating income of NOK 39.3 billion in the third quarter was positively impacted by gain from sale of assets. Refinery impairments and commercial provisions impacted the financial result negatively. The adjusted earnings were NOK 40.4 billion, which is in line with the same period last year.

The decrease in net income in the first nine months of 2013 is primarily explained by expected, lower production and reduced prices. Non-recurring items, related tax effects and higher gain from sale of assets last year, contributed to the decrease.

"We are producing as planned, and maintain our production guidance for 2013. Our activity level is high. We are progressing our projects according to plan, with good cost control and capital discipline," says Lund.